Portadown’s High Street Mall shopping centre is being put up for sale, it has been revealed tonight (Thursday).
Leading commercial property agents Lisney confirmed they had received instructions from Irwin Glenbank Ltd, the owner of the centre, to place it on the market.
Built in 1996, the High Street Mall has been extended twice in the past 18 years – in 2000 and again only last year.
It currently occupies a 140,000 sq ft floor space, along with 540 car parking spaces.
No price guide has been given at this time.
The anchor tenant is Dunnes, with others including Home Bargains, Argos, Superdrug, Gordons Chemist, Holland & Barrett, Faith Jewellers and Blue Inc.
The original development successfully renovated the town centre and provided modern retail space in a covered mall environment with dedicated parking.
Lisney Investment Director Andrew Marsden said: “This is an excellent opportunity for an investor to buy into a well established retail scheme where there are a number of asset management opportunities to improve the income profile.
“The recent acquisition of the former Ethel Austin unit by Edinburgh Woollen Mills for their Peacocks brand will only further strengthen the scheme and the retail offering in the town.”
Mr Marsden said they expected “good interest” from institutional investors and private investment companies.
A spokesperson for Irwin Glenbank Ltd said the High Street Mall had served Portadown well since its development.
But, they added, given the changes in the retail sector in Northern Ireland in recent years, the time had now come for a fresh approach and new investment.
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